Collecting Sales Tax in the Wake of Wayfair: What You Need to Know
For years, if your company sold products online, a state could only require you to collect state sales tax if you had a physical nexus (offices, distribution centers, payroll, etc.) in that buyer’s state. The Supreme Court ruled in 1967 and again in 1992 that this physical presence test would apply. For example, if a […]
The Clock Is Ticking on Windows 7. Time to Upgrade or Deal with the Risks.
Microsoft ended mainstream support for the Windows 7 operating system in January of 2015. That means security patches are still be distributed, but no new features have been added in nearly four years. However, Windows 7 is still the most widely used operating system with 40.88 percent of the market, according to September 2018 data […]
The Value and Core Components of a Business Plan
Think of a business plan as a roadmap for a new company. An effective business plan is a document that provides an overview of your operations, objectives, and expectations for the next three to five years, as well as an explanation of your strategy for achieving those goals and meeting those expectations. Maybe you want […]
7 Questions to Ask when Planning Your Exit Strategy
When you mention “exit strategy,” the average business owner hears “cha-ching.” In other words, “my exit strategy is to sell my company for a huge profit.” That may very well be the end result, but it’s not the only exit strategy, and many things need to happen before you get to that point. Here are […]
Virtual CFO: What It Is and Why You Might Need One
As businesses grow, their financials become more complex. As financials become more complex, it becomes more difficult to measure and manage cash flow, inventory, production costs, payroll and other critical financial information and tasks. This is why many companies grow themselves right out of business. They’re unable to maintain the financial controls and systems required […]
What Should Your Company Do When Cash Gets Tight?
Every business goes through ups and downs. Many have mechanisms and safeguards in place to compensate for the “downs.” However, even the best-laid plans sometimes don’t pan out due to unpredictable events, and the result can be a temporary cash shortfall. Some businesses get dangerously close to the point at which they won’t be able […]
Have You Reviewed Your Business Processes Lately?
When a customer calls your business with a question about your product or service, or a problem that needs to be resolved, what happens? Who fields that call? How is the call routed based on the customer’s question? What information should be collected? How is that information recorded and reported? Or does the person who […]
Are You Tracking Mileage and Travel Expenses the Right Way?
If there’s one task at tax time that most people don’t prepare for, it’s providing documentation that allows you to take deductions for mileage and travel expenses. Although IRS audits overall may be relatively rare lately, these deductions are almost always reviewed, so it’s safer to play by the rules. In some cases, the IRS […]
When Was the Last Time You Reviewed Your Employee Handbook?
When we meet with clients, it’s not uncommon for the client to mention a dispute with an employee about overtime, disability, health benefits and other issues. The first question we always ask is, “Is it covered in your employee handbook?” Unfortunately, many companies don’t realize that the employee handbook should be a priority until after […]
7 Ways to Improve Cash Flow and Reduce Risk
President Donald Trump famously said, “Cash is king.” Like him or not, he was onto something. Cash flow is the lifeblood of business and critical to growth. Business owners learn very quickly that it’s difficult to survive when cash outflow consistently exceeds cash inflow. Every business, especially startups, must closely monitor cash flow to prevent […]